One of the longest takeovers I've ever been through, and it's still not closed.
L.B. Foster, Portec asset sale a step toward merger
By Pittsburgh Tribune-Review
Friday, December 10, 2010
L.B. Foster Co. and Portec Rail Products Inc. said Thursday that they signed an agreement to sell Portec's rail joint business to Koppers Holdings Inc., calling the deal an important step in Foster's previously announced a deal to acquire Portec.
Koppers will buy the unit, located at Portec's Huntington, W.Va., plant, for an undisclosed price. The business has estimated revenue of $22 million this year, the companies said.
The sale is expected to be completed by year's end, pending court and regulatory approvals. Foster's $112 million deal to acquire Portec was announced in February, but has since been delayed by antitrust objections by the Justice Department.
"We have worked diligently with the DOJ to find an acceptable solution to their objections to our acquisition," said Foster CEO Stan L. Hassebusch, in a statement.
Foster, Portec and Koppers are rail industry suppliers. Foster said it now expects to complete the purchase of Portec upon federal court approval.
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